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Euro Gives Back Intraday Gains

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The euro currency rose to a four-week high after GDP numbers came out better than forecast.

But price action soon gave back the gains as the resistance level proved too hard to breach.

Price action briefly rose past 1.2144 before retreating from the resistance level between 1.2177 and 1.2144. For the moment, the EURUSD remains well above the 12th February lows.

However, a close below this level could see further short term declines. The main support level at 1.2050 remains the downside target for the moment.

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